November 4, 2013 |
Philadelphia's salesman-in-chief launches his international pitch Sunday at London's iconic Savoy Hotel, which boasts itself as "brilliantly reinvented for the 21st century. " That's not quite Mayor Nutter's claim for Philadelphia, but not terribly far from it. For the next eight days, first in London and then Tel Aviv, Nutter and a small armada of area agencies, boosters, and businesses will sell Philadelphia as a world-class city open, as the mayor says, for business. Nutter and his contingent, among other things, are looking to persuade overseas companies to expand to Philadelphia and consider partnerships and sales agreements with firms in the area.
October 31, 2013
MAYOR NUTTER leaves Friday on a 10-day trade mission to the United Kingdom and Israel. When his delegation gets to Tel Aviv, there will be plenty to see and learn. Other cities look with envy at Tel Aviv, a sister city to Philadelphia. And no wonder: Israel attracts nearly twice the venture capital per capita of the U.S., and has 5,000 startups per capita, more than any other country despite a population of just 7 million. Berkshire Hathaway, chaired by Warren Buffett, made its first investment outside the U.S. in 2006 when it paid $4 billion for an 80 percent stake in Israeli tool-maker Iscar Metalworking.
October 26, 2013 |
Philadelphia jumped into venture capitalism with both feet Thursday, investing in wild rice masala with seared salmon. Well, that might be a bit misleading. The city, through Startup PHL Seed Fund, has invested in Real Food Works, a young company that delivers fresh, healthy meals to clients looking to eat well and lose weight. Startup PHL, a joint effort of the city's Commerce Department and the Philadelphia Industrial Development Corp. (PIDC), will provide $200,000 in seed money to Real Food.
October 15, 2013 |
The University City Science Center celebrates its 50th anniversary on Thursday, touting its record as the nation's oldest urban research park. Its incubator hatched 350 firms, with 93 still local. Famous hatchlings include SEI Investments, Bentley Systems, and Centocor. Buckminster Fuller, inventor of the geodesic dome, was "resident genius" in the 1970s. These days, chemical engineer and business executive Stephen S. Tang, 53, leads the nonprofit science center, which now includes 16 buildings, housing 70 companies and 30 new ventures, together employing 8,000.
September 19, 2013
IN 1991, GEORGE Gendron, then-editor of Inc. magazine, penned a column about the best places to do business in the United States. He wrote that Philadelphia was "the Baghdad of the U.S. economy. Nothing works. Don't tell me about all the hot young Philly growth companies. Of the 20 Inc. 500 companies in the metro area, 19 are located as far out of town as they can get. " So what's changed in 22 years? Not much, according to a report Sept. 4 on the website The Atlantic Cities.
May 12, 2013
Sam Hinkie just completed his eighth full season with the Rockets. He has been the executive vice president of basketball operations since 2010. He was hired in Houston as the youngest vice president in the NBA in 2007. Before that, he spent two seasons as special assistant to the Rockets general manager. He is seen as an expert in analytics, the day-to-day management of basketball operations, the salary cap, and scouting college and other pro players. Before joining the Rockets, Hinkie advised two NFL teams on draft strategies and using statistical analysis to improve decision making.
April 23, 2013 |
Venture-capital activity may have been down in terms of deals and dollars during the first quarter nationwide, but the second-tier Philadelphia market did pretty well. Thirty-three companies raised $142.4 million during the first three months of 2013, compared with 44 companies attracting $54.5 million during the fourth quarter, according to the PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report. SevOne Inc. , a Wilmington software developer, was listed as the big wheel landing the biggest deal: $60 million.
August 16, 2012 |
Among the handful of venture-capital firms based in Philadelphia's leafy suburbs, First Round Capital stands out for its national reach and its rapid pace - more than a deal a week. Now it's moving downtown. Josh Kopelman , a 1993 graduate of Penn's Wharton School, started venture-backed Infonautics (he took it public in the dot.com boom), auctioneer Half.com (now part of eBay ), and security firm TurnTide (sold to Symantec ) before setting up First Round with Penn computer-scientist-turned-investor Howard Morgan in 2004.
July 10, 2012 |
A former Philadelphia lawyer and his wife were sentenced to federal prison Monday for defrauding a New York venture capital fund, prosecutors said. Mikel D. Jones, 56, of Boynton Beach, Fla., was sentenced to 42 months in prison. His wife, Dona Nichols Jones, was sentenced to one day. As a result of the FBI investigation of Jones, a former aide to U.S. Rep. Alcee Hastings (D., Fla.), the agency has been investigating the son of U.S. Rep. Chaka Fattah, the Philadelphia Democrat.